LTC has had some remarkable runs in recent times. I've not seen anyone charting its price action in a channel, using weekly candles, yet I'm pretty certain the market makers take this longer term view to things. Adding a 21 EMA to the weekly candle chart tells a telling picture of strong support along with market maker buying activity right where we have been this week. Couple that with the price action to the bottom of the longer term channel recently means on balance of probabilities that momentum buying should continue from here.
Im waiting for $120-160 buy zone. Do u think it will dip that low very soon?
kenneths
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@CryptoBuzzAnalyst, yup it will. Quite possible that between now and 48hrs we see 170 to 160 range. im buying when it does. then we head up ;)
CryptoBuzzAnalyst
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@kenneths, Cool. Im about to split my cash between BTC and LTC and short both. Thanks
BitBoy
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@CryptoBuzzAnalyst, Its certainly possible, even so, We've already touched the bottom of the channel and have already bounced up from the weekly 21 EMA, based on my sentiment of the crypto market overall, that Litecoin is leading Bitcoin in performance, and that Bitcoin as the bell weather coin has just dipped in the 5th leg of the Elliot Impulse Wave and is about to explode higher into the next bullish run, I'd say Litecoin has a slim chance of retracing to your target zone. Good luck
CryptoBuzzAnalyst
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@BitBoy, Thanks.. but do you see litecoin bouncing back and pulling up after my buy zone ? im not sure how to allocate my investments. Im thinking about going 60% on BTC and 40% on Litecoin and scalping, short term trades with profit. How would you allocate your funds between the two mentioned?
BitBoy
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@CryptoBuzzAnalyst, Hey! Notice that on the weekly chart that Litecoin has never broken down through the 21 EMA. That 21 EMA is at 167ish right now, so if it does come down to your target zone hopefully its a just some intra-week action and not a close on on the weekly chart otherwise we're in trouble. On balance of probabilities I personally don't see Litecoin heading to that zone ever again. Given that there is considerable favourable tax treatment for holding an investment longer than 12 months, its worth considering buying this dip right now and holding to experience Litecoin and Bitcoin continuing their run all year, and then pay half the tax when you exit. I think the 60/40 split you suggest it right on the money.